ABSTRACT
In the financial books the various classes of expenditure are kept in separate accounts, such as Wages, Materials, Heating, Lighting and Power, Sundry Stores, Repairs to Buildings, Repairs to Plant and Machinery, Depreciation of Fixed Assets, Loose Tools, Supervision, Office Salaries, Office Expenses, and so on. There is only one system of costing, just as there is only one system of double-entry bookkeeping. Job Costing is employed where the order is for a single article to be manufactured, or where a definite quantity of articles is to be produced within a comparatively short period. All wages, except piece-work wages, are payable in respect of the time the workers spend in the factory, and for this purpose it is necessary to record the times of arrival and departure of each worker. The actual quantities in stock are listed, as are also the quantity balances shown by the Bin Cards and Stores Ledger Accounts.
